The bankrupt BlockFi has reportedly transferred a large amount of Chainlink (LINK) tokens, valued at $46.5 million, to the Kraken exchange. This transaction, uncovered by on-chain analyst EmberCN, has sparked discussions about its potential market impact.
Major Transfer in LINK
The mentioned transfer included 2,402,945 LINK tokens and highlighted the magnitude within the total $48.37 million worth of various cryptocurrencies moved to Kraken. This action takes place against the backdrop of BlockFi’s bankruptcy journey. The analyst stated the following:
The bankrupt crypto lending platform BlockFi transferred 17 tokens worth $48.37 million to Kraken… The top four tokens transferred from BlockFi to Kraken include: 2,402,945 LINK ($46.5 million); 90,993 UNI ($0.68 million); 16,570 AVAX ($0.63 million); and 468,506 MATIC ($0.47 million).
Recent Developments in LINK
In September 2023, the company got the green light to start customer repayments as part of its liquidation plan. Following this, in October, BlockFi announced it had emerged from bankruptcy. The company resumed withdrawal services for its customers, interest account holders, and individual loan clients. This was a significant step towards returning to normal operations. However, some market whales are taking a different path by accumulating LINK and adding more complex layers to the situation. According to Spot On Chain, a crypto whale withdrew 194,400 LINK (approximately $3.67 million) from Binance, indicating a bullish trend on LINK.
This withdrawal could signify an important move in the transaction cycle that started with the purchase of 928,016 LINK at an average price of $17.35 since January 28, 2024, totaling about $16.1 million. Experts believe LINK is at a critical point, testing the lower trend line of a descending channel. This scenario could indicate a potential recovery towards the upper channel boundary around $19.70. Market sentiment and future price direction could hinge on a breakout or breakdown from this pattern.
